Cyber/Database
Database Insurance, also known as ‘Privacy and Security’ or ‘Cyber Liability’ provides coverage for risks and exposures associated with accessing the Internet.
If your business collects information on your customers, or have a database of information such as your employee data, client financial and proprietary information your business can be targeted by hackers.
All 50 states have in place some type of Privacy Law or Database Notification Law. In simple terms, these laws state that if your business loses a database of business-critical information, your company is responsible to notify and provide restitution for all clients in your database according to these laws. Due to the fact that each state law is different, compliance to each is very expensive and is what makes data breaches so costly. Basic notification cost an average between $20.00 and $40.00 depending on jurisdiction.